The rally in crypto bellwether Bitcoin (BTC-USD) has pretty much stalled for the past two weeks. After rising nearly 160% over the past year, the largest cryptocurrency in the world is finally taking a breather.
Ethereum (ETH-USD) has also corrected, falling by over 10% since the beginning of December. In contrast, Solana (SOL-USD) has eked out another 74% jump over the past month. In comparison, Ripple (XRP-USD) has gained 77% over the past year.
Major crypto miners such as Riot Platforms (NASDAQ:RIOT), Marathon Digital (NASDAQ:MARA), and HIVE Digital (NASDAQ:HIVE) (TSE:HIVE) continue to hog the limelight as their crypto hoards grow and the Bitcoin halving nears. In recent times, HIVE has continued to grow its Antminer fleet and expand its capacity. The company has purchased nearly 17,000 Antminers in recent weeks and has a HODL (Hold On for Dear Life) position of 1,627 Bitcoins.
The global acceptance of cryptocurrencies seems to be gradually growing. This week, Coinbase (NASDAQ:COIN) received approval from authorities in France to set up shop in the country. The company is looking to widen its presence in Europe. On the other hand, JP Morgan’s (NYSE:JPM) Jamie Dimon has called for a complete cryptocurrency ban.
In contrast, Hong Kong is readying to consider applications for spot crypto exchange-traded funds. Meanwhile, MicroStrategy’s (NASDAQ:MSTR) Executive Chair, Michael Saylor, sees BITC spot ETFs as the biggest development on the Street in the last three decades. Saylor expects BTC prices to trend higher next year due to higher demand and a limited supply. However, the current chart setup suggests it could be a while before BTC resumes its upward trajectory.
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